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of toyota are heading higher after the u.s. settled a class action lawsuit. the $1 billion payment is already priced in. okay. welcome to "worldwide exchange." plenty of news to watch out of washington. all of this week, we thought it would be a quiet one. but i won't be inside the beltway if they want to get something done. the u.s. will hit the $16.4 trillion debt ceiling come monday. in a letter to congressional leaders, geithner says treasury will begin taking steps to save the government about $2 billion. geithner says it's harder to predict a time frame because the ongone fiscal cliff talks make it difficult to forecast next year's budget. among the measures treasury will take including suspending state and local government securities and investments in the federal employee pension funds. those don't sound like good practices going forward. president obama meanwhile arrives back in washington after cutting short his christmas vacation in hawaii. congress is back in town, but little progress was made over the holiday to avoid the fiscal cliff and no talks have been set. the se
actions are due around 12:40 cst. hsbc was hit with a $1.9 billion fine. the ceo said we accept responsibility for our mistakes and are profoundly sorry for them. >> a full year loft loss of 4.7 billion euros, thinksen krup has more details. >> they are starting to look at the positive of what i would call a -- strategy, i.e., a clean sweep when it comes to the business strategy of thyssenkrupp as well as the instruct occur and the refocusing on being transparent and definitely being something shareholders should trust. so no dividends, jobs may go and the sale of celiamerica being looked at. the cfo says there's a handful of interested parties in that particular party of the business. all in all, i think if you look at the message and the resale note issued by j.p. morgan earlier on this morning, on the back of the numbers, it's a very positive story because all the rubbish that needs to be cleaned out is being cleaned out. when it comes to the actual strategy, it will be reduced process on sale after the sale of about 30% will come from that sector. the rest is being refocused
the various government actions. look at wages in greece and now spain. wages in greece are down more than 25%. very painful, but we've heard about the pain already. what we haven't heard so much about is the competitiveness. >> enor husband costs with incredibly high unemployment rates. >> that i'm afraid is what's going on and that's extremely unpleasant. what i'm saying in terms of market action is we know about that, we're focused already on the unemployment, we're not focused on the wage improvement in competitiveness. >> all right giles, more to come from you you. also we'll hear from the stars of les mis about why the classic story will resonate with the current economic climate. and later in the program, we'll also hear from the nigerian finance minister about the resources boom. but you what about the corruption issue. and we'll also hear first from apple's new ceo tim cook about steve jobs' legacy and his future plans for the tech giant. plus of course we'll continue to keep you updated on the reaction and the latest dealings from the earthquake in japan. >>> a 7.3 magnitude earthqu
, as well. >> as for action in the overseas markets, the u.k. is closed today for boxing day as are some of the former brish colonies. in europe the dax down about there about 35 points, around half a percent. and overnight in japan, the nikkei, the yen falling to a 20-month low. you have the nikkei up 1.5%. the nikkei -- yen versus the dollar as shinzo abe returns to office as japan's new prime minister, promising monetary and fiscal reforms. we have the shanghai composite there up about a quarter percent. >>> all right. in today's top stories, the u.s. is five days away from going over the fiscal cliff. president obama is cutting his holiday vacation short, returning to washington tomorrow to continue talks to try to avoid that automatic tax hike and spending cut combination. that's the same day that congress returns to town. before the president left town on friday, he suggested a stopgap measure to freeze tax rates for people making less than $250,000 a year and extend unemployment benefits. reports say white house staffers have been quietly working with senate democrats to come up w
think -- >> what more actions? they have a t program waiting to go. what more actions are you talking about? >> the key policy rate for the ecb is likely indeed in the first quarter. they can take dpopt deposit rate negative. by the middle of next year, they'll be doing outright qe. i've been talking about this for ages. they haven't done it so maybe they won't do it. but i'm assuming that the outlook for inflation for the eurozone is -- >> how are they going to get around -- look, i know the bundes bank has a fear of hyper inflation. i just don't -- are they going to get around all the -- because even if they do it on the inflation mandate, are they going to get around the objections about outright money printing? germans would see it as that. >> they would see it as outright money printing. we have done qe. it's not an issue on the legality of it as long as you justify it in the inflation mandate at the zero policy bound. but the question is, you know, how low is inflation in the eurozone going to go? you have core inflation in the eurozone below 1.5%. if you strip away indirect tax
tomorrow. so if traders don't get what they want, we could see some disappointing action in this market. already way in overbought territory. moving to the greater chinese markets, a volatile session once again. the shanghai caught changing directions a number of times throughout the session. ending just on the flat line at 21.62. the property plays were dragging this index down. they've been some of the best performers year to date. however, we've been getting more rhetoric from policymakers saying that the curbs and restrictions that have been in place for more than two years now are going to be there to stay. this is following some signs of a revival in that market. of course, as you guys know, the government has its eye and wants to cool home prices and really deflate that bubble. the hang seng managed its first winning session so far this week. up .6%, bringing it close to a 17-month high. and oil plays were big winners. we had the s&p asx 200 in australia, gains. the bsc sensex trading half a percent. back to you. >> thank you very much. a key session in japan overnight. >>> as we
in action under pressure, now lower by .2%. back to you. >> thanks for that. catch you later. >>> while many have shrugged off the impact of today's north korean rocket launch, our guest says it is a potential game-changer. find out why when we come back. >>> at nearly 10:00 in the morning korea time, pyongyang blasted its second long-range rocket claiming to put its first slight into orbit. international backlash followed almost immediately. we have the latest from seoul. >> reporter: hi, ross. this time north korea says the launch was a success and that what it called a satellite had entered its preset orbit. according to south korean officials, the first stage fell into the west sea, and what appears to be the second stage landed in waters near the philippines. many north korea watchers say it was a desperate move for the young leader, kim jong-un, to consolidate power and make north korea still more relevant to north korea's presidential elections which will be held next wednesday. because the north had announced technical glitches earlier this week and extended the launch window to the
's taking action here in italy? >> good morning. i think italy has a number of big challenges next year. as you can see, the market remains extremely sensitive to the fluid political landscape at the moment. but most people see it as a significant growth challenge with which the market will have to reconsider a bit of trajectory as to the fiscal consolidation path and the extent to which the world nation will work next year which may trigger some repricing of the risk for the sovereign which at the moment is substantial of the ecb's intervention. >> that and market sentiment has gotten more positive on sentiment late lit. if people come around to the risks that you're outlining, how much of a reaction are we going to see in yields? >> yes. obviously, the ecb's announcement is very important and the event has a number of events materializing. i'm pretty sure that the short kind of the curve in italy will not get the sort of level that we've seen in the worst of the crisis. but at the same time, i think there are a number of issues which will create some tensions and the policy response d
fiscal growth next year. japan is heading towards a debt crisis unless it takes some remedial action within the next two or three years. it's not imminent because it's domestically funded still to a large extent. but i think that, you know, you're heading towards a crisis in japan on the debt story unless some actions are taken. and unless it looks like they'll take the key step necessary which is doubling the consumption tax rate, if that doesn't happen as scheduled and they're heading towards great problems on their fiscal deficit and on their government debt. >> i just want to get a quick thought here from arnab. >> japan is a high level equilibrium trap. they're subtracking from it because they're an exporter and a surplus country. it's gone a little bit the other way with the shutdown of nuclear energy. i totally agree, it's a completely unsustainable trajectory. the real issue is whether fiscal pump can change the structural factors like demographics and the fact that women don't work, don't have children, more seriously, is money and government bonds really going to change tha
and we support those in congress who are willing to take those actions. and will there be resistance? absolutely, there will be resistance. and the question then becomes whether we are actually shook up enough by what happened here, that it does not just become another routine episodes where it gets a lot of attention for a couple of weeks and then it drifts away. it certainly won't feel like that to me. this is something that -- you know, that was the worst day of my presidency and it's not something that i want to see repeated. >> let me ask you about a couple of foreign policy notes. after the attack in benghazi, is there a need for more accountability this doesn't happen again and do you know who was behind the attack at this point? >> two points. number one, i think tom pickrick and mike mullen who headed up the review board did a very thorough job in identifying what were some severe problems in diplomatic security. and they provided us with a series of recommendations. many of them were already starting to be implemented. secretary clinton has indicated that she is going to im
very well in asia, especially the action films. movies like "the expendables." you pointed out james bond. "ghost rider" did very well. but it isn't easy. those are two very separate markets. china is, of course, the major player in the asian marketplace. if one can qualify for a co-production, which by the way, the clarity for co-productions is not quite there as yet, but if one can qualify, you get past the quarter system and you're sort of able to go into the marketplace and be treated as a chinese film. and as such, you're able to access extraordinary market. it's been proved that, you know, the hollywood films are now doing extremely well there. but it is tricky to qualify as a co-production into china and it is also tricky to be one of the 34 films that get into china. so it's not all roses, but we need new marketplaces and china is certainly growing as an extraordinary pace. >> yeah, and what's it like trying to finance productions at the moment? >> just globally -- i mean, the marketplace is pretty strong. after 2008, there was -- we kind of hit a roadblock with banks and wit
finished lower by a quarter percent. sensex still in action now trading lower by 0.4%. back to you. >> all right. catch you later. apple had its worst day in four years dragging down the nasdaq. different story for the dow. at one point dow was up more than 100 points. the last time the index closed up triple dinlg et gains, the way back in may two 2. joining us for the first part of the program, nick khar. thanks for joining us. xetra dax up 52 week highs. which is sort of interesting in several. >> nokia down 9% over the last five years. and i guess the apple story if you're a bear is a potential nokia story, a story about a company that is dominating its space at the moment, but priced for perfection. so who knows if there is a disappoint coming. but if there is, there's not much margin for error. gr it all depends on whether we'll be buying other products other than apple in five years time. >> it's a very rapidly changing business. the technology field is a rapidly changing group. think of sony at one time. you now there's a recent survey showing that it's had a lower than some of the
action. i think companies right now are waiting to see what's going to happen and it really comes down to two major issues. if we can get this fiscal cliff issue resolved, then we are looking at a pretty optimismic outlook from our members. but if we don't get the fiscal cliff, almost 60% said they'll be looking at cutting jobs and/or layoffs. >> cfos are notoriously less sang win than ceos. it's not particularly surprising that this group is expressing some contingency plans. but on average, they expect the u.s. to add of a million jobs next year. so kind of a divide here between the view that on the other hand things are getting better and on the other hand there's a big uncertainty out there still. >> i think finance people always want to balance the book and ceos tend to be more optimistic than the finance people. i think even the optimists think if we can get beyond the fiscal cliff it will be positive. but we have to get a long-term budget deficit deal done or we'll continue to be in the slow growth type of economy. >> it's clear everything wants the confidence going forward. whe
. >> is it a landscape, this changing, meaning the policy back drop, all the policy action that we've seen in these markets or is it investors changing and looking to express views in different ways? >> well, we think of it as being the aggregate psychology for the metric. so just to put low and high volatility regimes into context, just think of the vix or restock, you're talking about the vix and embedded floor around 15 that has been in place for those five years. if you look at open interests, put call ratios, the market knows this. people tend to buy a lot of calls when the vix is low. and that is what we've been conditioned to believe. at some point, that's going to change. we'll shift into a low volatility regime. that means, believe it or not, vix can be contained for a period of years between 10 and 20. >> and we've seen that typically coincide with periods of strong equity performance. would that also be implied this time around? >> it certainly could be. so march 1991 was a recession trough. the transition from a high to a low volatility regime was right in time with that. in no
be counterproductive because too many action of this type could damage one of the important factors of the u.s. economy. on the other hand, unless there is some limit to the growth of u.s. debt, particularly with respect to debt as related to gdp, this could serve in the end badly if there was no limit to it. after all, the u.s. economy still accounts for about one-third of the global economy. so this cannot continue because the burden of u.s. debt is beginning to be felt in other countries where there is a u.s. dollar, where u.s. dollar is used for various purposes. so the fiscal cliff -- well, what can i say is we certainly don't want to this to be a cliff, we want this to be a bridge, less energy costs sarts in particular of the use of shale gas and energy efficiency and the trend that is emerging in more investment and production. so i think this is up to the federal reserve, the president, the senate to work this out. but i definitely wish them success because this economy still play aes defining role in the global economy. from your answers, you sound pessimistic on better growth in 2013. is that
of action maybe by the israelis ahead of that because they're not confident that iran is going to do anything. so there's always sort of that impact on it. i just feel this year, though, as the year when people start to set things right, just how accurate is the idea that north america could be energy self-sufficient in eight years? there will be a lot of questions about that assumption. >> talking about the imports of u.s. shale gas, expanding these shale imports as much as possible, one economy needing the oil from another. but we'll see the 105 call for 2013 pans out. thank you very much. >>> speaking of looking ahead, it's a hard one, isn't it? how should investors be positioning themselves as we head into next year? we'll leave but a look at what some experts have been telling us. >> you have to be aware of the idio sin accuratic risks out there. if companies can finance themselves at very low levels, as long as we don't get a big back up in interest rates or yields for any reason due to sovereign risks elsewhere, i suspect the cycle is going to remain quite low. if you look at
Search Results 0 to 15 of about 16

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